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Billionaire Mark Cuban is worried about President Joe Biden's re-election chances and blames the US Securities and Exchange Commission (SEC).
In a May 10 post on x, Cuban, a minority shareholder in the Dallas Mavericks, criticized SEC Chairman Gary Gensler's regulatory approach toward the crypto industry.
And if the 2024 US presidential election goes to twice-impeached former President Donald Trump, the SEC could take the blame, he says.
“If (Biden) loses, there's a nice turnaround that you can thank Gary Gensler for,” Cuban says. See below.
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“All (Gensler) has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many companies and ruining who knows how many entrepreneurs,” the “Shark Tank” host said. “This is also a warning to Congress.”
On Election Day, November 5, a total of 468 seats in the United States Congress (33 in the Senate and 435 seats in the House) are at stake.
“crypto voters will be heard in this election,” Cuban continued. “This problem could be solved for Biden by passing legislation that defines registration specific to the crypto industry, just as other industries have registration defined for them.”
Mark Cuban: SEC Fails to Protect Cryptocurrency Investors
Biden has not ignored the cryptocurrency sector.
On March 9, 2022, his administration touted the “first-ever whole-of-government approach to addressing the risks and realizing the potential benefits of digital assets and their underlying technology.”
The Biden administration has identified several priorities as part of an executive order, including protecting consumers and investors; fight illicit finances; and responsible innovation.
But according to Cuban, the SEC's role has been detrimental so far, especially since digital assets are popular among younger voters.
He highlighted the importance of the crypto industry to this demographic and criticized Gensler for failing to protect investors from fraudulent activities. Instead, he claimed that Gensler's crackdown had hurt legitimate crypto companies, leading to their closure.
Under Gensler's leadership, the SEC has filed lawsuits against several crypto companies for alleged fraud and sales of unregistered securities.
The regulator is currently involved in legal battles with major players in the crypto industry, including Ripple, Coinbase, Huobi, and Binance.
Cuban warned Congress about the importance of addressing crypto voters' concerns in the upcoming elections. He also proposed possible solutions to regulatory challenges, suggesting customized legislation for the crypto sector or assigning all crypto regulation to the CFTC because of his experience in the field.
Donald Trump courts the crypto community
Meanwhile, Trump, who is currently facing criminal charges in New York for falsifying business records, is embracing cryptocurrencies.
Just three years ago, Trump saying bitcoin “seems like a scam.”
Now, the quadruple-indicted Republican candidate is reaching out to donors with cryptocurrency. See below.
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On March 8 crypto-investors-support-143014381.html” target=”_blank” rel=””>meeting With members of the crypto community at Mar-a-Lago, Trump urged them to support him, citing the Biden administration's tough stance on crypto regulation.
Observers note that Trump reversed his stance on cryptocurrencies once he had to pay millions of dollars in legal fees and fines for ongoing legal problems. He has also resorted to selling sneakers, cologne and his own Bible to raise money.
Trump's cryptocurrency portfolio reportedly consists of ethereum, MAGA tokens, and other meme coins, obtained through nfts featuring his face in photoshopped outfits.
While some Democrats are uncomfortable with Trump's openness to the cryptocurrency industry, the party remains divided over how to approach the sector.
Gensler, a Biden appointee, has taken a tough stance on enforcing securities laws against crypto companies. The White House itself has threatened to veto legislation aimed at undoing SEC guidelines for the crypto industry.
